Market Weekly: Apr 9 Apr 13 2018


President Xi Jinping took the stage overnight at the Boao Forum for Asia, an annual summit that’s been dubbed the “Asian Davos,” where he discussed plans to further open up the Chinese economy.

Mr Xi said Beijing will “significantly lower” tariffs on car imports this year and ease restrictions on foreign ownership in the car industry “as soon as possible”.

He also promised to expand protection of intellectual property – an issue high on the list of US demands – as he ushered in a “new phase of opening up” during the Boao Forum for Asia, his country’s answer to Davos, with a swipe at Mr Trump’s America First policy.

“Human society is facing a major choice to open or close, to go forward or backward,” he told hundreds of investors gathered on the resort island of Hainan.